News and Announcements

2013: 11.3 million U.S. jobs supported by overall goods and services exports;

New data show number of jobs supported by goods exports in each state Metro areas exported $1.4 trillion in goods

The U.S. Department of Commerce today released new data highlighting for the first time the number of jobs supported by goods exports from each of the 50 states, as well as a report on goods[1] exports from the nation’s 387 Metropolitan Statistical Areas (MSA) in 2013. The Commerce Department research shows that U.S. goods[2] exports supported 7.1 million jobs whereas overall goods and services exports – which totaled $2.3 trillion -- supported more than 11.3 million American jobs in 2013.

At the same time, U.S. metropolitan areas exported more than $1.4 trillion in goods to the world in 2013, accounting for nearly 90 percent of all U.S. goods exports. Texas exports supported more jobs – an estimated 1.1. million – than were supported by the exports from any other single state. Houston topped metropolitan area rankings for a second consecutive year with $115 billion in goods exports.

In this week’s address, Alejandra Castillo, Director of the Minority Business Development Association highlighted the progress made towards rebuilding our economy, including the creation of nearly 10 million new private sector jobs in the past 53 months and the rise in the number of American exports to an all-time high. That growth is in part thanks to the actions of the U.S. Export-Import Bank, an organization that creates American jobs by helping to take American businesses global.

U.S. Secretary of Commerce Penny Pritzker delivered opening remarks today at the U.S.-Africa Business Forum, a day focused on trade and investment opportunities on the continent. In her remarks, Secretary Pritzker stated that the U.S.-Africa economic relationship is fundamental to our mutual peace and prosperity. She discussed the work that the Commerce Department is doing to advance President Obama’s vision for the future of U.S.-Africa relations, including expanding the Foreign Commercial Service presence across the continent.

Exciting Opportunity to Expand Your Business in Asia

Secretary of Commerce Penny Pritzker will lead a Healthcare and Energy Business Development Mission to Asia with stops in Japan and South Korea from October 19-23, 2014. This business development mission will promote U.S. exports to Asia by helping U.S. companies launch or increase their business in the healthcare and energy sectors. In both countries, the governments and private sector are investing significant money to develop both sectors.

“One of our key functions at the Department of Commerce is to connect U.S. businesses with new opportunities to sell their products and services in markets with significant potential,” said Secretary Pritzker. “We see tremendous opportunities for U.S. businesses in Japan and South Korea, which have energy and health care needs that can be addressed by the goods, services, and expertise of our firms. This trade mission will help us continue to strengthen our economic and commercial ties in the Asia-Pacific region, which is a top priority for the Obama Administration.”

In both countries, the governments and private sector are investing significant money in developing their healthcare sector. In South Korea, the total market for drugs and medical device products combined is roughly $21 billion. In Japan, the over $150 billion market for these products represents the silver lining of the dark cloud of Japan’s aging population. Due to the lack of natural resources, both Japan and South Korea have long been dependent on imported energy sources to meet over its energy needs. For U.S. energy firms, Japan has a compelling need to find new energy sources, optimize the mix of energy imports and increase efficiencies in response to the March 2011 natural disasters and nuclear emergency, which led to the shutdown of Japan’s 48 nuclear facilities. Additionally, both near and long term opportunities exist in the South Korean energy sector.

U.S. Secretary of Commerce Penny Pritzker today announced a call for applications for membership on the National Advisory Council on Innovation and Entrepreneurship (NACIE) – a federal advisory committee that advises the Secretary of Commerce on issues related to accelerating innovation and expanding entrepreneurship, with an added focus on job-driven skills training that creates jobs and spurs innovation. The Commerce Department is now accepting applications for new Council members through July 14, 2014.

On April 24, 2014 Jacqueline Woodard, President and CEO of Performance-based Solutions, Inc. (PbSi), joined Alejandra Castillo, National Director of the U.S. Department of Commerce's Minority Business Development Agency (MBDA), the Honorable William Euille, Mayor of Alexandria, Va., Joanne Benson, Maryland State Senator and many other distinguished guests, to launch the Washington, D.C. Capitol MBDA Business Center, made possible through a three-year, $900,000 grant that was awarded in September 2013.

Washington, D.C. – The Minority Business Development Agency (MBDA) and the Export-Import Bank of the United States (Ex-Im Bank) have announced an expansion of their partnership to help small minority- and women-owned export businesses obtain loans so they can have greater access to foreign markets.

MBDA Business Centers in Miami, Los Angeles, Detroit, and Phoenix can now process loan applications for export financing as Originators for the Ex-Im Bank’s Global Credit Express program, designed to help small businesses that do not enjoy access to conventional financing markets.

Small businesses often struggle to find available credit. Building on previous literature, this research analyzes what factors, including business credit scores, may explain credit outcomes (approvals or denials) for small businesses. It further asks what role business credit scores might play in the credit outcomes of women- and minority-owned small businesses.

Background

Credit Scores. Statistically derived and numerically presented, a “credit score” reflects an individual or entity’s likelihood of repaying a debt. Generally, a higher credit score correlates with a lower probability of default. The consumer credit market has utilized credit scores for decades, but small business credit scores emerged only during the 1990s. Large lenders adopted small business credit scoring in subsequent years.

Evidence indicates the emergence of business credit scoring may have increased credit availability to small businesses. A study of small business loan patterns indicates that banks using business credit scoring may feel able to make riskier loans at the margin and to increase their pool of available credit.